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Newspaper
Cincinnati Commercial Tribune
Location
Cincinnati, Ohio, United States of America
Date
Jan 07, 1908
Page
8
New York price movements showed wide advances and expanded volume yet remained uneven and spotty. The rise was led by strong activity in select stocks like Northern Pacific and Reading while money conditions improved, easing call loan rates, boosting investor confidence, though profit-taking trimmed gains by close.
American stocks in London weaken with losses around 1 percent below parity. London market shows broad round of liquidation in mining shares and steel price reductions likely affecting 50 to 75 percent of steel classes. Pennsylvania Railroad notes steel mill closures in its earnings and money is expected to ease here and abroad.
Analysts note easy money and rising stocks with bullish bias led by Morgan interests. Calls for buying on small dips and preparing for higher prices as banks extend longer term loans and the market maintains a firm tone.
The November 1907 monthly internal revenue statement shows total receipts down 5.626 million from November 1906. Spirits lead declines at 4.817 million, tobacco down 840,681 and beer up 9,174. For the five months of the current fiscal year a total decrease of 1,882,232 is shown versus 1906.
New Orleans January 6 price report lists prime cotton seed oil at 37 cents per pound.
Bond listings from W E Hutton and First National Bank detail Erie, C&O, G B Q, and many rail and industrial issues with prices ranging near par to 106, including St. Louis, Lackawanna, and Southern lines. Totals show hundreds of thousands in current quots, with numerous notes and 4s and 5s across manufacturers and utilities.
At the Liberty Banking and Savings Company annual meeting the old Board of Directors was re elected and the same officers reappointed for the coming year. The Ohio State Bankers Association Legislative Committee meets in Columbus at 1 30 PM in the First National Bank Building to discuss bills including municipal bond protection.
London markets loosened by government dividends with £450000 gold available at reduced price and a near end rally after early profit taking. Paris and Berlin opened firm on New York optimism and relations news, while copper shares and Amalgamated Copper led gains in New York.
New York money on call 6 percent with time loans easing to 6 1 2 percent for sixty days and 6 percent for six months. Sterling steady. bankers' bills demand 480.60 to 480.66, sixty-day at 481, commercial bills 480.75. Bar silver 55 1 2 cents, Mexican dollars 44 cents. Government bonds steady. railroad bonds firm. Boston reports call loans 8 to 10 percent and time loans 6 1 2 to 7 percent. Bonds include Atchison 4s 81, Mexican Central 4s 72. railroads varied. Numerous industrials and utilities quoted with mixed gains and losses.
In St. Louis on January 6 wool prices held steady across grades. Medium combing and clothing priced around 2fa23c, light fine at 19a20c, heavy fine at laléc, and tub-washed at 2fa33c.
Special Dispatch notes new corporate filings across Ohio on January 6. Companies include Jerome H. Smith Realty Company Toledo 10000 by listed Smiths. Toledo Chewing Gum Company 30000. Arthur Westbrook Company Cleveland 12000. Frey Drug Company Findlay 10000. National Blank Book and Supply Company Akron capital raise from 12000 to 17000. Berger Manufacturing Canton capital rise from 1500000 to 2000000. Western Leon Varnish Company Cleveland capital rise from 25000 to 35000.
Money conditions ease with reports of improved liquidity and higher loan activity. Cincinnati stocks such as Gas and Electric and Street Railway rose, with bonds quiet though collateral loans touched 8 percent. New York exchange stronger, with Clearing House total at 5,067,450 while time loans reach 20 to 50 percent in cash.
Market notes list various industrial bonds and traction stocks with quoted prices. Entries include German Natl and Bay County savings banks, Union, Unity, and Proy & Co. bonds, plus Hoov-O-R and Niles listings. Prices appear alongside preferred stock and common shares for multiple issuers.
The market opened barely steady five to six points lower as traders noted dull activity. Bear selling moved prices down after the National Ginners report showed 10 978 000 bales ginned by January 1, seen as bearish. Liverpool led selling while weather tied futures, forcing bears to cover and reestablish short interest.
The New York cotton market closed steady after an initial drop, with a net advance of 2 to 6 points. Trading showed 225,000 bales moved, while New Orleans and Liverpool sessions reflected bearish ginners' reports and later recoveries on refined demand and export activity.
In London tin rises with spot £122 16s and futures £123 15s. Copper advances to £61 1s 6d spot, £62 10s futures. Lead falls to £14 10s but local prices rise to $3.65–$3.75. Spelter steady around £19 10s and $4.30–$4.35. Iron markets little changed and US listings show lead at $3.66 and spelter at $1.25 in St Louis.
Oil City reports credit balances and large vessel shipments. Savannah shows turpentine firm prices with varied receipts and stock, rosin sales and shipments, and price ranges for packing grades. Charleston and Wilmington note quiet markets with omitted quotations and limited receipts.
The New York Produce Exchange reports January 4 visible grain totals: wheat 48,481,000 bushels up 1,820,000. corn 14,482,000 up 997,000. oats 8,450,000 up 864,000. rye 1,105,000 up 10,000. barley 5,895,009 up 35,000 bushels.
Treasury balances show Available cash $270,180,930. Gold coin and bullion amount to $37,376,381 and gold certificates total $56,015,530 excluding the $150,600,000 gold reserve.
In New York a narrow trading tone emerges as bids and asks show tentative gains. Traders watch Adams and AL ick concessions with small changes across the board.
Cincinnati January 6 1904 wheat corn and oats held firm amid steady, fair demand with receipts light. Prices for rye flour and malt products varied as whisky and hay showed softer notes, with reported sales, inspections, and shipments detailing cash prices and car lots across grains and byproducts.
Apples per barrel three dollars twenty five cents to four dollars. Bananas choice to fancy one dollar twenty five to two dollars per bunch. Beets one fifteen per dozen. Cranberries two dollars sixty cents per box. Cabbage one dollar twenty five cents per barrel. Lemons Messina three twenty three fifty per box. Oranges Florida two fifty to three per box. Onions home grown six zero to six five cents per bush. Potatoes two dollars to two twenty five per barrel. Pumpkins one per barrel. Rutabagas one twenty five per barrel. Squash red one fifty per barrel. Sweet potatoes Jersey four fifty to five per barrel.
The coffee futures market opened steady with small gains in early trading before closing inactive. Trading was light with 1,750 bags sold including January at 5.65c, March at 5.85c, and December at 6.25c, while spot quotes showed No. 7 Rio 64 16c and No. 4 Santos 8c.
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